InvestorQ : Why does Vedanta plan to entirely sell out of Sterlite Copper Thoothukudi plant?
Mary Joseph made post

Why does Vedanta plan to entirely sell out of Sterlite Copper Thoothukudi plant?

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Arusha Ray answered.
2 months ago
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The Sterlite Copper 400,000 tonne-a-year copper plant built located in Thoothukudi has been lying shut since May 2018 when a bout of police firing at the factory led to 13 deaths and numerous injuries. The protests were over the pollution of the water bodies in the adjoining area due to the copper smelter. For FY18, the copper business had revenues of Rs24,951 crore.

Accumulated losses today are around Rs827 crore. The impairment is Rs2,144 crore and that is the issue which auditors have flagged. Vedanta may be taking a gamble by putting up its plant for sale, but there are others like Adani deeply interested in copper properties.

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